It's always a good idea to maintain a good credit standing. A good credit score opens the doors for banks and lending companies approving your loan applications more readily, and they may even agree to give you lower interest rates. You can keep track of your credit standing by getting your own copy of your credit report, which is basically a compilation of all your financial information, such as your credit card applications and loan/insurance transactions.
Various credit bureaus make it their business to compile credit reports for sale to banks, credit card companies, insurance companies, employers, and yourself. But as mandated by the Fair Credit Trading Act, you're entitled to receive a free copy of your updated credit report once a year. The states of Vermont, Colorado, Massachusetts, Maryland, Georgia, New Jersey, and Maine give free credit checks to consumers.
The Fair Credit Reporting Act (FCRA) makes sure that all the information that credit bureaus compile into credit reports are accurate. This is the reason why individuals are encouraged to keep an updated copy of their credit reports at all times. If you find an erroneous item or entry in your credit report, make sure to check it with the credit reporting company. It may be affecting your credit score in a negative way.
While you're entitled to receive a copy of your credit report every year, you'll still need to request for your copy before it's made available to you. You can source your credit check through www.direct.com, the only website authorized by the federal government to give free annual credit reports. Your credit report will likely be available within sixty (60) days, and they'll likely ask for your name, address, birth date, Social Security number, and other pieces of personal information before filing your request.
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